Tax & Accounting Blog

Congress Repeals 2010 Legislation that Expanded 1099 Information Reporting Requirements

Congress Repeals 2010 Legislation that Expanded 1099 Information Reporting Requirements

On April 14, 2011, the President signed H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This new law retroactively repeals unpopular Form 1099 information reporting rules added by 2010 legislation. Background Code Section 6041 requires all persons engaged in a trade or business making certain payments of … Read More

CO: Agricultural Exemptions Reinstated

CO: Agricultural Exemptions Reinstated

Effective July 1 the passage of H1005 will restore certain agricultural exemptions that were temporarily eliminated by L. 2010, H1195. Exemptions will once again apply to sales, purchases, storage, use, or consumption of agricultural compounds and pesticides, including those used in the caring of livestock or agriculture or semen for agricultural or ranching purposes. The … Read More